Fiji Airways Reports Record $17.2m Operating Profit for First Half-Year
Best Half Year Operating Result in National Carrier's History
NADI, Fiji, July 17, 2014 /PRNewswire/ -- Fiji Airways Group today reported its unaudited interim results for the first half of 2014, announcing a massive increase in operating profits to the corresponding period last year. The Group, legally known as Air Pacific Limited, comprises of Fiji Airways (Fiji's National Airline), its subsidiary Fiji Link and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island. The Group recorded an underlying operating profit of $17.2m FJD from January 1st to June 30th 2014.
Stefan Pichler, Managing Director and CEO attributed the strong performance to higher load factors, more efficient cost management, streamlined management structures and a highly motivated staff.
"It has been an excellent start into 2014 and now we have to keep the pace as we want to pay a profit share to our staff for 2014 as well as a dividend to our shareholders," he stated. "We have now gained momentum and the focus is to work hard to keep the ball rolling."
Highlights for Fiji Airways Performance for First Half of 2014
| • Underlying Operating Profit: |
$17.2m |
| • Increase in load factor: |
10% |
| • Increase in passengers flown: |
4% |
| • Increase in flying sectors: |
5% |
| • New routes launched: |
Suva-Sydney, Suva-Apia, |
| • Increased frequencies: |
Australia, New Zealand, Hong Kong, Tuvalu, Samoa |
Summary of Results:
| Air Pacific Ltd. -- profit & loss statement |
H1'14 |
H1'13 |
H1 YoY |
H1 YoY % |
|||
| Reported Operating Profit |
15.4 |
6.6 |
8.8 |
134% |
|||
| Accrual releases & adjustments |
(8.0) |
(13.0) |
5.0 |
||||
| Provisions |
1.2 |
- |
1.2 |
||||
| A330 landing gear |
8.6 |
- |
8.6 |
||||
| Fleet transition |
- |
6.9 |
(6.9) |
||||
| Total Adjustments |
1.8 |
(6.1) |
7.9 |
||||
| Underlying Operating Profit |
17.2 |
0.5 |
16.7 |
3340% |
|||
| Air Pacific Ltd. -- operating & load statistics |
H1'14 |
H1'13 |
H1 YoY |
H1 YoY % |
|||
| Passengers flown |
579,952 |
559,467 |
20,485 |
4% |
|||
| Seat factor |
82% |
75% |
7.1 pts |
10% |
|||
| Sectors |
8,629 |
8,209 |
420 |
5% |
|||
| • |
Note: The provisional results are subject to final review by Group external auditors after conclusion of 2014 financial year (31st December 2014) |
Visit the full release for more details.
About Fiji Airways: Founded in 1951, Fiji Airways Group comprises of Fiji Airways, which is the National Airline of Fiji and Fiji Link, its domestic and regional subsidiary. www.fijiairways.com
Contact:
Fiji Airways
Shane Hussein
Manager Public Relations and Communications
Fiji Airways | Nadi, Fiji
[email protected]
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SOURCE Fiji Airways
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